High-Technology Exchanged For Oil Equity
With the high
price of oil, new technology from a company in India is suddenly
very popular. The Indian company, Oil Natural Gas Corporation (ONGC),
has developed a heavy-crude recovery technology. They are bartering
the use of their technology to both Petro’leos de Venezuela (PDVSA)
and Syrian Petroleum Corporation (SPC) for an ownership position in
various oil fields in the two countries.
The technology
has been developed in-house by the ONGC team, which has been working
on the project since 1978 for Baloi, Santhal and Lanwa oil fields in
North Gujarat, India.
